Driven by projections of "spectacular" growth in the solar power market, global renewable energy capacity could increase by 50 percent in the next five years, according to a report released Monday by the International Energy Agency. The report, Renewables 2019 of IEA, uses market analysis on renewable energy and technology, including solar photovoltaic (PV) systems, to project industry trends through 2024.

This increase of 1,200 gigawatts—equivalent to the current total power capacity of the United States—is driven by cost reductions and concerted government policy efforts. Solar PV accounts for 60 percent of the rise. The share of renewables in global power generation is set to rise from 26 percent today to 30 percent in 2024.

IEA executive director Fatih Birol said Monday that "renewables are already the second largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality, and energy access goals."